On June 25th I said “the best I can see for the bulls is a rally that peters out by July 8. I can even see the June 18th high of 1654.19 being broken – but not the May high. This is not a prediction or what I expect but the best case bull scenario I can envision.”
Well here we are on July 8th approaching the June 18th high. Now what?
With the weekly chart (see yesterday’s post) being bearish I don’t expect the May high to be broken. The daily chart is now showing a completed TD Sequential Countdown (since TDST support held) with the TD Trend Factor target (horizontal purple line at 1647.09). These two factors hint that at least a short term reversal is very near; but they are only a hint. Let’s see what develops over the next couple of days as the trend factor target and June 18th high are challenged.
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